LinkedIn has unveiled its second round of layoffs for the year. The Microsoft-owned division is reducing its workforce by approximately 668 employees spanning its engineering, product, talent, and finance teams.
In their announcement, LinkedIn stated, “While we are adapting our organizational structures and streamlining our decision-making, we are continuing to invest in strategic priorities for our future and to ensure we continue to deliver value for our members and customers. We are committed to providing our full support to all impacted employees during this transition and ensuring that they are treated with care and respect.”
In May, LinkedIn had previously disclosed plans to lay off 716 individuals and discontinue its job search app in China. With this recent round of layoffs, LinkedIn’s total job reductions for the year will reach nearly 1,400, mirroring the broader trend of tech industry layoffs in 2023. It’s worth noting that Microsoft, following its acquisition of Activision Blizzard for $68.7 billion, had already laid off approximately 10,000 employees during the initial months of 2023.
In Microsoft’s latest earnings report, covering the period from April to June, the company reported a five percent year-over-year increase in LinkedIn’s earnings. They also highlighted that membership growth had been accelerating for eight consecutive quarters, with the platform boasting over 950 million users. Microsoft is scheduled to announce its financial results for the first quarter of its fiscal year, spanning July to September, on October 24.